HC Wainwright Issues Positive Forecast for Coinbase Global (NASDAQ:COIN) Stock Price

Coinbase Global (NASDAQ:COIN) had its target price boosted by HC Wainwright from $255.00 to $330.00 in a report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the cryptocurrency exchange’s stock.

Other analysts also recently issued research reports about the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. Barclays upped their price target on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. B. Riley assumed coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 price objective on the stock. Oppenheimer dropped their price objective on shares of Coinbase Global from $358.00 to $334.00 and set an “outperform” rating on the stock in a research note on Friday, January 17th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Coinbase Global from $275.00 to $255.00 and set a “market perform” rating on the stock in a research note on Monday, January 13th. Nine investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $286.00.

Coinbase Global Stock Up 3.0 %

COIN stock opened at $274.90 on Wednesday. The company has a fifty day moving average price of $282.81 and a 200 day moving average price of $237.46. Coinbase Global has a 12 month low of $137.13 and a 12 month high of $349.75. The company has a market cap of $68.82 billion, a price-to-earnings ratio of 46.91 and a beta of 3.61. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.03 and a quick ratio of 1.03.

Insider Transactions at Coinbase Global

In other news, CEO Brian Armstrong sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $275.26, for a total transaction of $6,881,500.00. Following the completion of the sale, the chief executive officer now owns 526 shares of the company’s stock, valued at approximately $144,786.76. This trade represents a 97.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frederick Ernest Ehrsam III sold 26,649 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $308.14, for a total value of $8,211,622.86. Following the transaction, the director now owns 10,417 shares in the company, valued at $3,209,894.38. This trade represents a 71.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 386,798 shares of company stock valued at $114,707,944 in the last ninety days. 23.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

Institutional investors have recently bought and sold shares of the business. Clear Street Derivatives LLC acquired a new stake in shares of Coinbase Global during the 3rd quarter valued at about $409,919,000. Norges Bank acquired a new stake in Coinbase Global in the 4th quarter worth approximately $536,484,000. Groupama Asset Managment bought a new position in Coinbase Global in the 4th quarter worth approximately $372,450,000. Proficio Capital Partners LLC increased its position in shares of Coinbase Global by 30,664.4% during the fourth quarter. Proficio Capital Partners LLC now owns 418,396 shares of the cryptocurrency exchange’s stock valued at $103,888,000 after purchasing an additional 417,036 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Coinbase Global by 10.1% during the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock valued at $609,789,000 after purchasing an additional 314,388 shares during the period. 68.84% of the stock is currently owned by institutional investors and hedge funds.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.